Kimberly-Clark to cut workforce by 12-13 percent

FILE PHOTO: The logo of Kimberly-Clark is seen in Maracay
Thomson Reuters
(Reuters) - Kimberly-Clark Corp said on Tuesday it expects to eliminate 5,000-5,500 jobs, or 12-13 percent of its workforce, as part of its global restructuring program.

The Kleenex and Huggies maker said the restructuring program would generate annual pre-tax cost savings of $500 to $550 million by the end of 2021.

The program is expected to broadly impact all its business segments and organizations in every major region, Kimberly-Clark said.

The company also reported a near 1 percent rise in fourth-quarter net sales to $4.6 billion, compared with a year earlier.

The company said it expects net sales in 2018 to improve by 1 percent to 2 percent.